MiWay Business has launched a niche insurance product designed especially for small to medium-sized motor traders and other businesses that are responsible for clients’ vehicles. Christiaan Steyn, Head of MiWay Business Insurance says that the motor industry has a vibrant ecosystem of smaller service providers that deserve the same level of specialist insurance protection as the larger operations.
“Alongside the big dealerships and franchises, there are many smaller businesses that specialise in vehicle sales, repairs, servicing, as well as the fitment of tyres and other peripherals. This policy has been developed to give these essential elements of the motor industry value chain cover that’s tailored to their needs,” he says. He further stated that “MiWay prides itself on its understanding of business sectors and their insurance needs, and the Motor Traders Insurance policy is a welcome addition to our product suite.”
MiWay Motor Traders Insurance protects businesses from liability for damage to, or loss of, vehicles in their care. Motor Traders Insurance is not just a necessity for vehicle dealerships and repair shops, it also offers cover to any business that takes responsibility for clients’ vehicles. For example, car wash/ valet businesses also need insurance against damage caused to a client’s vehicle, whilst the vehicle is being washed or moved between bays.
Steyn says that the Motor Traders Insurance can be extended to cover damage or loss that occurs while a vehicle is away from the premises. For instance, this External Motor Traders’ Insurance would cover any loss or damage when a technician takes a client’s vehicle for a test drive after a service or repair and is involved in an accident, or when a client takes a demo vehicle for a test drive and gets hijacked or is involved in an accident.
“SME’s like motor traders form an important part of any sector. They need cover that is designed for their specific risk profile but is still cost-effective, and that’s what we have aimed to provide,” he says.